我国股指期货的发展现状及对策研究

编号(学号)：110664089

天津外国语大学

滨海外事学院

本科毕业论文

中文题目：我国股指期货的发展现状及对策研究英文题目：The development of stock index futures in China

present situation and countermeasure research 姓名：王欣

专业：金融学

班级：110406

指导教师：张凌志

完成时间：2015年5月

中文摘要

为顺应我国经济体制改革的需要，在经过一系列先期准备和可行性研究之后，我国期货市场于1990年正式诞生，进入21世纪后，中国期货市场迅速进入新的发展阶段。在20余年的发展中，中国期货市场逐步从小到大、从无序到有序、从萧条逐渐走向繁荣。2010年4月16 日，沪深300股指期货合约正式上市交易，这表明我国在资本市场发展的历史进程中又取得了重大进展，我国期货市场也终于建立了金融期货和商品期货并存的完整链条。股指期货的推出，必然对中国股票市场具有非常重要的影响，是我国金融市场走向成熟的重要一步。

股指期货是世界上交易量和流动性最好的金融衍生产品和证券市场最为有效的风险管理工具之一，是证券公司、基金等机构投资者资金管理的避险工具，目前已成为国际资本市场体系中的重要组成部分。作为一项重大的金融创新，股指期货的推出对我国期货市场和股票市场都将产生革命性的影响。本文将从期货市场的发展以及对国内外股指期货发展现状分析，研究我国股指期货在发展中存在的问题，并提出相应的建议对策。

关键词：股指期货；套期保值；期货市场

ABSTRACT

To meet the need of the economic system reform in our country, after a series of early preparation and feasibility study, China's futures market was born in 1990, after entering the 21st century, China's futures market quickly into the new stage of development. In more than 20 years of development, China's futures market gradually grew up, gradually from disorderly to orderly, from depression to prosperity. On April 16, 2010, the CSI 300 stock index futures contracts traded formally, this shows that in the process of the history of the development of capital market in our country and made major progress, China's futures market is finally set up a complete chain of financial futures and commodities futures coexist. Launch of stock index futures, inevitably has a very important influence on China's stock market, is an important step in the financial market to mature in our country.

Stock index futures is the best financial derivatives trading and liquidity in the world and one of the most effective risk management tool in the securities market, securities companies, fund is institutional investors such as hedge funds management, has become an important part of the international capital market system. As a major financial innovation, launch of stock index futures to the futures market and stock market in China will be a revolutionary impact. This article from the development of the futures market and the development of stock index futures at home and abroad presently shape analysis, research our country stock index futures in the problems existing in the development, and put forward the corresponding suggestion countermeasure.

Key Words：Stock index futures ，Money market hedge ，Future market

目录

一、引言 (1)

（一）研究背景 (1)

（二）研究意义 (1)

二、相关知识概述 (1)

（一）股指期货的定义 (2)

（二）国内外股指期货研究综述 (3)

（三）股指期货的功能 (5)

三、我国股指期货的发展现状 (6)

（一）运行平稳 (6)

（二）交易量日益增加 (6)

（三）机构参与 (7)

（四）投资模式多样化 (8)

四、我国股指期货发展存在的主要问题 (8)

（一）交易所存在着系统风险 (8)

（二）股指期货经纪公司结构不完善 (9)

（三）投资者结构不平衡 (10)

（四）股指期货市场监管体系不完善 (11)

五、我国股指期货未来发展对策建议 (12)

（一）完善期货交易结算管理体系 (12)

（二）加强股指期货经纪公司内控机制 (13)

（三）提高投资者交易道德 (14)

（四）完善股指期货市场监管体系 (14)

六、结语 (15)

参考文献 (16)